POST UTME IGBINEDION UNIVERSITY 2021 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
The following is a statement of profit or loss for XYZ Ltd. as at 31st December 2020.
A. ₦1,000,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 2
A partnership has two partners, A and B. The capital contributions of A and B are ₦200,000 and ₦150,000 respectively. If the profit-sharing ratio is 3:2, what is the share of profit of partner A?
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 3
The following is a statement of profit or loss for XYZ Ltd. as at 31st December 2020.
A. ₦1,000,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 4
A company issued 10% debentures of ₦ 1,000 each at a premium of ₦ 100 per debenture. Calculate the total amount received from the issue of debentures.
A. ₦ 11,000
B. ₦ 11,500
C. ₦ 12,000
D. ₦ 12,500
Question 5
A company issued 10,000 shares of ₦5 each at a premium of ₦3. Calculate the total amount received from the issue of shares.
A. ₦500,000
B. ₦550,000
C. ₦600,000
D. ₦650,000
Question 6
The following is a trial balance for XYZ Ltd. as at 31st December 2020.
A. ₦1,000,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 7
A company's ledger showed an error of ₦3,000 in the credit side of the sales account. The correct amount of sales is ₦120,000. Calculate the correct amount of sales.
A. ₦123,000
B. ₦120,000
C. ₦117,000
D. ₦125,000
Question 8
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 1,000 | | | 2nd Jan | Bank | | 500 | | 3rd Jan | Cash | | 800 | | 4th Jan | Bank | | 1,200 | Calculate the bank balance on 4th January.
A. ₦ 1,200
B. ₦ 1,300
C. ₦ 1,400
D. ₦ 1,500
Question 9
A company has the following transactions: 1. Purchased office equipment for ₦50,000. 2. Sold office equipment for ₦30,000. What is the correct journal entry for the above transactions?
A. ₦50,000 Debit, ₦30,000 Credit
B. ₦30,000 Debit, ₦50,000 Credit
C. ₦20,000 Debit, ₦20,000 Credit
D. ₦20,000 Credit, ₦20,000 Debit
Question 10
A partnership has three partners, A, B, and C. Partner A invested ₦60,000, Partner B invested ₦40,000, and Partner C invested ₦20,000. If the profit is shared in the ratio 4:3:2, what is the amount of profit shared by Partner A?
A. ₦24,000
B. ₦28,000
C. ₦32,000
D. ₦36,000
Question 11
A company issued 5,000 debentures of ₦100 each at a premium of ₦10. Calculate the total amount received from the issue of debentures.
A. ₦500,000
B. ₦550,000
C. ₦600,000
D. ₦650,000
Question 12
A company issued 5% debentures of ₦ 1,000 each at a premium of ₦ 50 per debenture. Calculate the total amount received from the issue of debentures.
A. ₦ 5,250
B. ₦ 5,500
C. ₦ 5,750
D. ₦ 6,000
Question 13
A company issued 10,000 shares of 5 par value. If the market value of each share is 15, what is the total market value of the shares?
A. ₦150,000
B. ₦150,000,000
C. ₦75,000,000
D. ₦150,000,000
Question 14
A company has a cash book balance of ₦150,000 and a bank statement balance of ₦180,000. If the bank reconciliation statement shows a difference of ₦15,000, what is the amount of the difference that is due to an error in the cash book?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 15
A company's manufacturing account for the year ended 31st December shows the following: | Particulars | Cost | | --- | --- | | Opening stock | 10,000 | | Raw materials purchased | 50,000 | | Labour | 20,000 | | Factory overheads | 15,000 | | Closing stock | 8,000 | Calculate the cost of goods manufactured.
A. ₦ 53,000
B. ₦ 58,000
C. ₦ 63,000
D. ₦ 68,000

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